Zero-rating of sales tax on export-oriented sectors: It cannot be revived

During my tenure as Chairman, Federal Board of Revenue (FBR) one major change which was brought in was the abolition of zero rating of sales tax for five export-oriented sectors. This is generally called the SRO 1125 regime. When we make a list of legislations that legalized state sponsored corruption then SRO 1125 will appear at the top of the list of such measures that include the Protection of Economic Reform Act, 1992, the Foreign Currency Accounts (Protection) Ordinance, 2001, the Presumptive Taxation and Section 111(4) of the Income Tax Ordinance, 2001.

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